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Barclays slashed the price target for shares of Beyond Meat by 69%, noting “limited visibility” on the path to recovery after a “disappointing” earnings report. Analyst Benjamin M. Theurer downgraded shares of Beyond Meat to equal weight from overweight after the plant-based food company on Wednesday reported a wider-than-expected loss in its most recent quarter that sent shares tumbling in extended trading. “We believe there is limited visibility in the short term to BYND’s potential to recover profitability in a meaningful way,” Theurer wrote in a Thursday note. “While we do assume a better sales performance in future quarters, the high cost level and elevated SG & A [selling, general, and administrative expenses] spend is unlikely to fade soon.” Barclays also slashed the price target to $25, down 69% from $80. The new price target is 4.5% lower than where shares closed on Wednesday. Analysts said they were “wrong” to turn “incrementally more positive” on Beyond Meat at the start of the year. Expectations of foodservice sales from new partnerships, a boost in overseas retail, and a focus on controlling costs had analysts more upbeat on the company’s prospects. Instead, analysts now see issues within those themes. Beyond Meat saw a drop in foodservice sales both in the U.S. and internationally, international retail sales are down, and the company burned through $190 million in cash that is “unlikely to be sustainable.” Analysts also expect Beyond Meat will need to raise $1 billion in the coming year given how fast it is going through cash. Shares of Beyond Meat tumbled 24% in Thursday premarket trading. —CNBC’s Michael Bloom contributed to this report.